None During 2017, Ms. Freya Matthews withdraws $23000 from her RRSP under theprovisions of the Home Buyer's plan. Due to some unexpected income receivedduring 2018, she repays $2600 in that year. What is the amount of her minimumrepayment during 2019?Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in yourresponse.Your Answer:

To calculate the minimum repayment amount for Ms. Freya Matthews during 2019 under the Home Buyer's…

Answered: During 2017, Ms. Freya Matthews…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.
Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amount
during 2017, Mr. William Lerue withdraws $15,000 from his RRSP, using the provisions of the Home Buyers' Plan (HBP). As he received the proceeds from a winning lottery ticket in 2018, he repaid $8,500 of the HBP balance in that year. Required: What is the minimum repayment that must be paid during 2019? If he makes no payment during 2019, what will be the minimum payment that must be made during 2020?
a.) How much did Dora borrowed today? b.) Dora failed to settle all monthly dues scheduled but Barney’s collection agency who represents Kenand Barbie waives penalties due to payment default and allowed her to settle all amount dues plusinterest on May 14, 2024. How much is the total amount due that she should settle with Barney? c.) Dora wishes to pay Ken and Barbie in one lump sum amount on August 14, 2023. How much in totalis she allowed pay on that day to discharge the entire loan?
In 2018, Gerald loaned Main Street Bakery $55,000 with whom he has a business relationship. In 2019, he learned that he would probably receive only $6,400 of the loan. In 2020, Gerald received $3,000 in final settlement of the loan. Required: Calculate Gerald's possible deductions with respect to the loan for 2018, 2019, and 2020. 2018 2019 2020 Deductions 46
Parviz withdrew $15,000 from his RRSP under the Home Buyers' Plan in 2019 and used the funds for a down payment on a qualifying home. He made a repayment of $700 in 2021. Taking into consideration his repayment, his Home Buyers' Plan will have what effect on his net income for 2021?
During 2019, Jason Glen has net employment income of $12000, net rental income of $4800, as well as a taxable capital gain of $7500. In addition, she has a business loss of $131000 and a farm loss of $6000. Determine her 2019 non capital loss. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer: Answer
Subject - account Please help me. Thankyou.
Please answer within 40mins. During 2019, Pam was under water in her house. The house was worth $125,000 but she still owed $200,000 on the mortgage. Because Pam had an FHA loan, the bank decided to forgive the remainder of the loan. Right after the loan was discharged, Pam had total assets of $80,000 and total liabilities of $100,000. How much of the $75,000 loan forgiveness must Pam include in her taxable income? a. $75,000 b. $20,000 c. $0 d. $55,000
2019 Thuy worked as the assistant manager at Burger Crown through August 2019 and received wages of $79,000. Thuy then worked at Up and Down BUrger starting in September of 2019 and received wages of $61,500. Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2019 Form 1040. (round to nearest two decimals places) $
Ian retired in December of 2022 at the age of 72 (his birthday is January 6). Ian's retirement account was valued at $352,000 at the end of 2021 and $360,000 at the end of 2022. He has had all of his retirement accounts open for 15 years. Note: Leave no answers blank. Enter zero if applicable. Round your final answers to the nearest whole dollar amount. Required: What is Ian's required minimum distribution for 2022 and 2023 under each of the following alternative scenarios? (Use Exhibit 13-3) Ian's retirement account is a traditional 401(k) account. Ian's retirement account is a Roth 401(k) account. Ian's retirement account is a traditional IRA. Ian's retirement account is a Roth IRA.
Subject: acounting

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